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Casinos attribute latest hit to economic conditions, snow storms, cold temperatures
Economic doldrums, snow and freezing temperatures hurt the casinos last month, contributing to the latest year-over-year declines in slot-machine revenues.
Foxwoods Resort Casino reported Friday that after paying out prizes, it kept, $37.1 million wagered in January, down 8.9 percent from the $40.7 million it won the same month a year earlier.
This so-called "win" at Mohegan Sun totaled $43.2 million last month, down 8.3 percent from $47.1 million the previous January.
"There's a general softness throughout the industry - and a similar trend in the retail sector generally," said Bobby Soper, Mohegan Sun's president and chief executive officer. "And in addition, weather has had some impact."
Soper said the significant snowfalls in January as well as numerous unusually cold days clearly had an effect on the casino's volumes.
"Consumer confidence is still shaky," he said. "The economy is more of a systemic issue."
Foxwoods reported that its January "handle" - the total amount wagered on its machines - was down 14.1 percent to $433.3 million. Mohegan Sun's handle fell 5.3 percent to $542.6 million.
"While weather does continue to be a factor, we are starting to see consistency in our numbers," Scott Butera, Foxwoods' president and CEO, said in a statement.
Foxwoods, which had reported a 14.8 percent decline in its December slots win, has now experienced two consecutive down months after breaking a 22-month string of declines in November.
Mohegan Sun's win also was down by 8.3 percent in December.
Foxwoods forwarded $9.3 million of its January win to the state, while Mohegan Sun paid $10.8 million.
Total win (in millions): $37.1
Yearly change: -8.9%
State contribution (in millions): $9.3
* Hold: 8.56%
Operating units: 5,830
Total win (in millions): $43.2
Yearly change: -8.3%
State contribution (in millions): $10.8
* Hold: 7.96%
Operating units: 5,503
*Hold is the average percent of total wagers kept by the casino.